(Reference Translation)

Financial Highlights
for the Nine Months ended December 31, 2021

Note
Our fiscal year begins on April 1 of each year and ends on March 31 of the following year.

証券コード :Code:7247 7247
Securities
Copyright(c) 2021 MIKUNI CORP. All Right Reserved.

February 10, 2021

9 months ended December 31, 2021

Mikuni's Business Segments
Net Sales and Composition Ratio
by Business Segment

Other Business
Welfare vehicles, nursing careequipment, consumer products

Turf-Care
Equipment
Sales of Turf-care equipment etc.

Aircraft Parts
Import and SalesPrecision forged products, etc.

3%
5%
2%

Household Appliances
Device Products

8%
Safety shut-off devices for gasappliances, gas control devices andother various flow control devices
Copyright(c) 2021 MIKUNI CORP. All Right Reserved.

82%

Automotiverelated Products

OthersTurf-Care1,662

3,030
AircraftHouse 1,213
4,902≫ for Four-wheelers
AUTOMOBILECONSOLIDATED
SALES
59,529MILLION YEN≫ for Two-wheelers
MOTORCYCLE

Automotive

48,720Electronic Fuel Injection Systems
Carburetors, Pumps

29 months ended December 31, 2021

Mikuni's Business Segments(Previous Accounting Standards)
Net Sales and Composition Ratio
by Business Segment

2%

Other Business
Welfare vehicles, nursing careequipment, consumer products

4%Turf-Care
Equipment
Sales of Turf-care equipment etc.

Aircraft Parts
Import and Sales
Precision forged products, etc.

19%
6%

Safety shut-off devices for gas
appliances, gas control devices andother various flow control devices
Copyright(c) 2021 MIKUNI CORP. All Right Reserved.

OthersTurf-Care1,662
3,030≫ for Four-wheelers
AUTOMOBILE

Aircraft
14,708House4,902

Household Appliances
Device Products

68%

Automotiverelated ProductsCONSOLIDATED
SALES
75,567MILLION YEN≫ for Two-wheelers
MOTORCYCLE

Automotive

51,263(Note)
The above values are only for reference basedon the previous accounting standards.

Electronic Fuel Injection Systems
Carburetors, Pumps39 months ended December 31, 2021

Financial Highlights

3Q of FY ending March 31, 2022 (from April 1, 2021 to December, 31 2021)

Adopted "Accounting Standard for Revenue Recognition" and other standards, sales decreasedby 2.0% and operating income returned to profitability• The auto related products business, the mainstay of the company's business, has recovered
significantly, and the company continues to focus on realizing the growth scenario of the revised
medium-term plan.
• Full-year forecasts remain unchanged due to concerns about parts procurement difficulties in thesupply chain.
• (Reference) According to the previous accounting method, net sales for the third quarter increased
24.4% YoY.
OPERATING RESULTS BY SEGMENT
Automotive Products Business• Sales recovered to pre-infectious disease spread (FY 2019) levels. Operating income ratio improved due toimproved production efficiency and fixed cost reductions.
• Business in India grew as planned, contributing to higher sales and profit.
• In North America, the number of customers expanded. In addition, demand for outdoor leisure-related
products increased due to the impact of COVID-19.
Household Appliances Device Products Business• Sales increased due to a review of product strategy.
• Operating loss due to difficulty in procuring parts and materials, as well as higher raw material and logistics
costs.

Copyright(c) 2021 MIKUNI CORP. All Right Reserved.

4

9 months ended December 31, 2021

Financial Highlights*continued from the previous page

OPERATING RESULTS BY SEGMENT
Aircraft Component Import and Sales Business• Sales decreased significantly due to the application of the "Accounting Standard for Revenue
Recognition" and other regulations.
• Operating income increased, partly due to the contribution of new businesses.
Turf-Care Equipment, etc. Sales Business• Sales increased due to a recovery in capital investment by customers such as golf courses, as well as afocus on after-sales services.
• Returned to profitability mainly due to expansion of after-sales service business and the effect of spin-off
from Mikuni Corporation.
Other Businesses• Sales and income increased due to strong sales of welfare and nursing care equipment.

Copyright(c) 2021 MIKUNI CORP. All Right Reserved.

59 months ended December 31, 2021

Summary of Income Statement(Reference)Previous
AccountingStandards
9 months of FY
ending March,
2022

Full-year
forecast for FY
ending March,
2022

75,5672,921
2,637

84,4003,400
3,000

9 months ofFY ending
March, 2021

9 months ofFY endingMarch, 2022

60,745(915)(848)

59,5292,804
2,534

Net income attributable toowners of the parent(1,671)

1,341

1,444

1,200

Net income per share (yen)(49.75)
0.00

39.98
5.00

43.05
ー

35.73
10.00

Average rate for the period

107.55108.58Year-end

105.80111.92(Millions of yen)
Net sales
Operating income
Ordinary income

Dividend per share (yen)Exchange rate against the U.S.
dollar (yen)(Assumed ratefor the full year:
US$ = 109 yen)

(Note) 1. Amounts less than one million yen are discarded.
2. In order to apply the “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29) from the beginning of thefiscal year ending March 31, 2022, the above consolidated earnings forecasts are forecasts after applying the AccountingStandard.
Copyright(c) 2021 MIKUNI CORP. All Right Reserved.

6

Net Sales and Operating Incomeby Business Segment

9 months ended December 31, 2021

Net Sales and Operating Income by Business Segment(9 months, FY ended Mar. 2021 and 9 months, FY ending Mar. 2022)

9 months of FY ending
March, 2021
Net Sales

Operating
Income9 months of FY ending
March, 2022
Net Sales

OperatingincomeAmount

Sales ratio

Operatingincome ratio

Sales ratio

Operatingincome ratioAutomotive
Products

41,323(764)48,720

2,826

68.0％

―

81.8%

5.8%

HouseholdAppliances

4,135(213)

4,902

(276)

6.8％

―

8.2%

―

Aircraft
Component

12,099

214

1,213

239

19.9％

1.8％

2.0%

19.8%

Turf-Care
Equipment

1,947

(103)

3,030

12

3.2％

―

5.1%

0.4%

1,239

(48)

1,662

1

2.0％

―

2.8%

0.1%

60,745(915)

59,5292,804(Millions of Yen)

Other BusinessTotal(Note)

Changein Net Sales

Change in Operating
IncomeRatio

Amount

7,397

17.9％

3,591

―

766

18.5％

(62)

―(10,886) (90.0%)

25

11.7％

1,082

55.6%

115―

423

34.2%

50―

(2.0%) (3,719)―(1,215)

Ratio

―
4.7%
1. Amounts less than one million yen are discarded.
2. The figures for the first half of the fiscal year ending March 31, 2022 are after the application of "AccountingStandard for Revenue Recognition" etc.
3. Figures in parentheses are negative values.

Copyright(c) 2021 MIKUNI CORP. All Right Reserved.

7

Net Sales and Operating Income
by Business Segment(Reference)

9 months ended December 31, 2021

Net Sales and Operating Income by Business Segment(9 months, FY ended Mar. 2021 and 9 months, FY ending Mar. 2022)
Previous Accounting Standards(Reference purpose only)

9 months of FY ending
March, 2021

9 months of FY ending
March, 2022

Net Sales

Net Sales

Operating
IncomeOperatingincomeSales ratio

Operatingincome ratio

Automotive
Products

41,323(764)51,263

2,940

68.0％

―

67.8％

5.7%

HouseholdAppliances

4,135(213)

4,902(272)

6.8％

―

6.5％

―

Aircraft
Component

12,099214

14,708

239

19.9％

1.8％

19.5％

1.6%

1,947(103)

3,030

12

3.2％

―

4.0％

0.4%

1,239(48)

1,662

12.0％

―

2.2％

0.1%

60,745(915)

75,567

2,921(Millions of Yen)

Turf-Care
Equipment
OtherBusinessTotal

Sales ratio―(Note) 1. Amounts less than one million yen are discarded.
2. Figures in parentheses are negative values.
Copyright(c) 2021 MIKUNI CORP. All Right Reserved.

Operatingincome ratio

Changein Net Sales
AmountChange in Operating
IncomeRatio

Amount

Ratio

9,939

24.1%

3,704―

766

18.5%

(59)

―

2,608

21.6%

25

11.7％

1,082

55.6%

115―

423

34.2%

50

―

14,821

24.4%

3,837―

3.9%
8Transition of Quarterly Net Salesand Operating Income

9 months ended December 31, 2021

35,000Net Sales

30,000■Automotive Products Business ■Household Appliances Device Products Business■Aircraft Parts Import and Sales Business ■Turf-Care Equipment Sales Business■Other Business(Millions of yen)

29,13727,252

27,132

26,977

26,21625,00023,78522,843
19,61520,00019,183

18,28525,281

20,37315,00010,0005,000

Operating Income (loss)

0
2,000
1,500
1,000

1,484

1,045
555

0747

719

522(286)(1,151)(286)(1,151)

140

500

1,253

1,183(500)(1,000)(1,500)

19/1Q

19/2Q

19/3Q

19/4Q

(Note) 1. Amounts less than one million yen are discarded.
2. Figures in parentheses are negative values.
Copyright(c) 2021 MIKUNI CORP. All Right Reserved.

20/1Q

20/2Q

20/3Q

20/4Q

21/1Q

21/2Q

21/1Q

21/2Q

(Reference)Previous AccountingStandards

9Transition of Quarterly Net Sales
and Operating Income(Reference)

9 months ended December 31, 2021

35,000Net Sales

30,000■Automotive Products Business ■Household Appliances Device Products Business■Aircraft Parts Import and Sales Business ■Turf-Care Equipment Sales Business■Other Business(Millions of yen)

29,13727,252

27,132

26,977

26,21625,00023,78522,843
19,61520,00019,183

18,28525,281

20,37315,00010,0005,000

Operating Income (loss)

0
2,000
1,500
1,000

1,484

1,045
555

0

747

719

522
(286)
(286)
(1,151)(1,151)(286)(1,151)

140

500

1,253

1,183(500)(1,000)(1,500)

19/1Q

19/2Q

19/3Q

19/4Q

(Note) 1. Amounts less than one million yen are discarded.
2. Figures in parentheses are negative values.
Copyright(c) 2021 MIKUNI CORP. All Right Reserved.

20/1Q

20/2Q20/3Q

20/4Q

21/1Q

21/2Q

21/1Q

21/2Q

Previous Accounting Standards(Reference)(ReferencePreviouspurposeonly)
AccountingStandards

109 months ended December 31, 2021

Summary of Balance Sheet(Millions of yen)

End of March
2021

End of December
2021

Changein amountCurrent assets

46,47452,9696,495

Fixed assets

47,417

46,216(1,200)Total assets

93,891

99,186

5,294

Current liabilities

31,21833,550

2,332

Fixed liabilities

34,27634,544267

Net assets

28,39631,091

2,694

Total liabilities and netassets

93,891

99,186

5,294Shareholders' equity ratio

29.4％

30.4％

―

822.12Yen

898.41Yen―

Net assets per share(Note) 1. Amounts less than one million yen are discarded.

2. Figures in parentheses are negative values.

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11

9 months ended December 31, 2021

Summary of Balance Sheet

Transition of Capital Ratio
40.0%

36.0%

30.0%

33.1%
28.6%

20.0%

March, 2018

March, 2019

March, 2020

29.4%

30.4%

March, 2021

December, 2021

Transition of Interest-Bearing Debt

(Millions of yen)

50,00040,00030,00026,40530,02733,627

36,56837,726

March, 2021

December, 2021

20,00010,0000March, 2018
March, 2019
March, 2020
(Note) Amounts less than one million yen are discarded.
Copyright(c) 2021 MIKUNI CORP. All Right Reserved.

12TSE
New Market Segmentation

Mikuni Selects Prime Market

The Company resolved on December 20, 2021 to select the Prime Market in the newmarket segment of the Tokyo Stock Exchange (TSE) and disclosed the "Plan to Meet
the Continued Listing Criteria for the New Market Segment".
Outline of the Plan

https://ssl4.eir-parts.net/doc/7247/tdnet/2061615/00.pdf

Basic Policy

Realize conformity to the standards for maintaining listing on the prime market by achieving ourmid-term vision.

The Mid-term Vision

Consolidated net sales of 95 billion yen, operating income of 5 billion yen, and operating marginof 5% in FY2023Achieve ROE in excess of cost of shareholders' equity.

Specific Initiatives• Electrification of four-wheeled vehicles
Accelerate development to increase the ratio of products for electric vehicles to more than 70%
in FY2030.
• Motorcycles and marine products, enhance our value in the market
Enhance environmental performance and further increase market presence.
• Growth in India
Turning stricter environmental regulations for motorcycles into an opportunity for our business.
Building a strong customer base in the four-wheeled vehicle business.
Copyright(c) 2021 MIKUNI CORP. All Right Reserved.

13

News

Actions in the Plan are Underway

INDIA

Expands New Business with TATA Motors
Mikuni India Private Limited (MID), a subsidiary of the Company in India,
received orders from Tata Motors Limited for the intake VVT (Variable Valve
Timing, Tata's part name for it is V.V.T Actuator) to be installed in 1.2L gasoline
engines and started deliveries in December 2021. Intake VVT is an engine
component that contributes to the reduction of CO2 emissions and exhaustgases by improving fuel efficiency of vehicles and is expected to be in highdemand in the Indian market in the coming years.

Mikuni India Private Limited

Automotive Electrification
New Production Line for Electric Oil Pumps for Electric Vehicles
Installed in Shanghai
We have decided to install a new production line for electric oil pumps at ourconsolidated subsidiary in China, Mikuni (Shanghai) Co. In addition toJapanese electric vehicle manufacturers, the new line will supply Chinese Eaxle (electric vehicle drive unit) manufacturers. It is also expected to export
from China to other regions. The immediate annual production capacity is
300,000 units, to be increased in response to demand.

Copyright(c) 2021 MIKUNI CORP. All Right Reserved.

This photo shows the current electric oil
pump. The product manufactured inShanghai will be a next-generationelectric oil pump that is smaller, lighter,and more efficient.
14

Disclaimer
1. This document has been prepared on a consolidated basis.
2. This document summarizes the financial results and earnings forecasts that have alreadybeen announced, and is provided solely for the purpose of providing information toinvestors, and is not intended as a solicitation to buy or sell.
3. The forward-looking statements, including earnings forecasts, contained in this document
are based on information available as of the date of the announcement, and actual
results may differ from these forecasts due to various factors.
4. Statements regarding business performance, etc., have been prepared based on various
data that are believed to be reliable, but we do not guarantee their accuracy.

For more information, please contact
Corporate Management Department
Corporate Division
Phone: +81-3-6895-0038
Mikuni Corporation
13-11, Sotokanda 6-chome, Chiyoda-ku, Tokyo 101-0021, Japan
URL https://www.mikuni.co.jp/Copyright(c) 2021 MIKUNI CORP. All Right Reserved.

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